Intelligence note
Admitted 12 Mar 2018 by the Mumbai bench on its own application. Plan from UV Asset Reconstruction Company Limited approved 9 Jun 2020, 820 days after admission (resolved-case median: 630 days). Creditors realise 16.43% of ₹22,999.70 Cr admitted; haircut 83.6% (median 78.0% across resolutions).
Aircel Ltd, Dishnet Wireless and Aircel Cellular were resolved together in one common order; the figures shown are for Aircel Limited alone. The plan relied mainly on selling spectrum, and on 13 Feb 2026 the Supreme Court held that spectrum cannot be dealt with under the IBC. It is not known whether the plan has been implemented.
Aircel Ltd, Dishnet Wireless and Aircel Cellular were resolved together in one common order; the figures shown are for Aircel Limited alone. The plan relied mainly on selling spectrum, and on 13 Feb 2026 the Supreme Court held that spectrum cannot be dealt with under the IBC. It is not known whether the plan has been implemented.
Case details
CIN
U32201MH1994PLC284030
Incorporated
1994
Registered State
Maharashtra
NCLT Bench
Mumbai
Petition
CP (IB) 298/MB/2018
Initiated by
CD — Aircel Ltd.
Commencement
12 Mar 2018
Outcome Date
9 Jun 2020
Admitted Claims
₹22,999.70 Cr
Realisable Amount
₹3,779.60 Cr
Recovery vs Claims
16.43%
NCLT Mumbai: median 550 days admission → verdict · 34% of concluded matters ended in plan approval (n=1,269, full record) · all benches →
Plan at a glance
The deal
₹19,600 crore across the three companies, against about ₹58,760 crore owed to financial creditors; ₹11 crore of fresh equity
Winning plan
UV Asset Reconstruction Company Limited, with 73.88% of the CoC vote
Also in the race: Eight Capital Advisory Services Private Limited (withdrew)
Also in the race: Eight Capital Advisory Services Private Limited (withdrew)
Funding
UVARC commits ₹11 crore upfront equity: ₹5 crore each for Aircel Limited and Dishnet Wireless Limited and ₹1 crore for Aircel Cellular Limited.
Shares
Existing equity and preference capital is extinguished for NIL consideration; fresh equity goes 76% to the RA and 24% to Financial Creditors.
Payout period
RA to use all efforts to make payments towards CIRP cost and creditors' payments within five years from the Effective Date; unredeemed ZOCDs at expiry of that period convert to equity
Recent movement
9 Jun 2020
Resolution plan approved
Acquired by UV Asset Reconstruction Company Limited
Haircut 83.57%
Haircut 83.57%
1 Mar 2024
Dismissed - company appeal (at) (ins.) no. 333 & 334 of 2024
NCLAT appeal read the order ↗
The plan
Successful applicant
UV Asset Reconstruction Company Limited
CoC approval
73.88% voting share · 19th meeting · voted 13 May 2019
How the plan pays
·Financial creditors across the three companies are owed about ₹58,760 Cr. The applicant offers ₹19,600 Cr, including ₹6,630 Cr via ZOCDs; ₹12,970 Cr is given up. Only ₹11 Cr is paid upfront, the rest from asset monetisation. The applicant gets 76% of the equity and creditors 24%.
EoI / Form-G detail
Plan submission by
19 Nov 2018
Evaluation matrix issued
2 May 2018
IBBI remark: “5- Date Extended”
Dates as captured from IBBI on 30 Aug 2026
Form-G notices on record
IBBI lists 5 Form G notices for this company; its remarks mark 4 as date extensions.
| Form G | EoI last date | Final PRA list | Plans due | Remark | ||
|---|---|---|---|---|---|---|
| latest | 19 Sep 2018 | — | — | 19 Nov 2018 | “5- Date Extended” | |
| 2 May 2018 | — | — | 1 Jul 2018 | “4-Date Extended” |
Case timeline
12 Mar 2018
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
15 further events in between
16 Oct 2018
NCLT order
MA 1075 2018 IN CP IB 298 MB 2018
9 Jun 2020
Resolution plan approved
Acquired by UV Asset Reconstruction Company Limited
Haircut 83.57%
Haircut 83.57%
2 years 2 months elapsed · admission → resolution
Company
Legal name
AIRCEL LIMITED
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
20 Dec 1994
Authorised capital
₹20,000.00 Cr
Paid-up capital
₹8,334.77 Cr
Industry (MCA)
Manufacturing (Machinery and Equipments)
ROC
ROC Mumbai
Company status
Active
Registered address
Opus Centre, 47, Central Road Opposite Tunga Paradise, MIDC, Andheri E, Mumbai City, Maharashtra, 400093, India
Claims profile
CLASS
ADMITTED
Committee of creditors
As recorded in the plan-approval order of 9 Jun 2020
| Creditor | Class | Voting share | Vote | Admitted |
|---|---|---|---|---|
| AB Svensk Exportkredit | Financial creditor | 2.70% | ||
| Bank of Baroda | Financial creditor | 10.50% | ||
| Canara Bank | Financial creditor | 9.70% | ||
| China Development Bank Corporation | Financial creditor | 13.70% | ||
| Exim Bank | Financial creditor | 2.20% | ||
| Jammu & Kashmir Bank | Financial creditor | 1.70% | ||
| L&T Infrastructure Finance Limited | Financial creditor | 1.10% | ||
| Nordic Investment Bank | Financial creditor | 2.80% | ||
| Punjab National Bank | Financial creditor | 15.10% | ||
| Standard Chartered Bank | Financial creditor | 1.70% | ||
| State Bank of India | Financial creditor | 36.60% | ||
| Syndicate Bank | Financial creditor | 2.10% |
The RP classified GTL Infrastructure Limited as an Operational Creditor rather than a Financial Creditor; DoT attends meetings but is not shown as a voting FC.
Sources, basis and disclaimers → ·
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This case vs IT, Telecom & Media
Haircut83.6%
typical for this sector 87.0%
Time to resolution820 days
typical for this sector 622 days
Size rank in sector#3 of 37
Key parties
Resolution Professional
20 IBBI mandates · 5 of 8 resolved plans beat the liquidation floor
IRP at commencement
VijayKumar V Iyer → · Mar 2018
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
Aircel Ltd. CD
Resolution applicant
UV Asset Reconstruction Company Limited
About the applicant
UV Asset Reconstruction Company Limited: an unlisted public company incorporated 23 Aug 2007, registered office at Nehru Place, New Delhi; paid-up share capital ₹42.02 Cr
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